prevent foreclosureIf you are trying to prevent foreclosure, you should call your lender immediately and explain your situation for them. You may qualify for the mortgage bailout measures that became active just a month ago. Both the public sector and private sector have agreed that the best way to help this economy is to prevent foreclosure by helping people keep their homes from hitting the market as foreclosed or repossessed homes. The market does not need any more homes on it. Already there is way too much inventory on the market which has driven prices way down. The only way to get past the real estate recession is to get rid of the excessive homes on the market so that demand starts to outnumber supply. Then we'll see prices rising again.

Yesterday's news reported that home values in Phoenix, AZ fell 33% in 2008. That is a staggering decline but considering how fast they went up when the market was at its peak, it's not unexpected. Price inflation was out of control during the heyday of the market. Hopefully many Phoenix homeowners will be able to prevent foreclosure and the prices still stop sliding.